Andromeda Metals has been awarded an advance and overseas finding certificate (advance finding) from AusIndustry to help advance its Great White halloysite-kaolinite project in South Australia.
AusIndustry is a Federal Government body that helps businesses navigate local, state and commonwealth government support and generates business insights to inform and improve policy and programs.
An advance finding is binding on the Australian Commissioner of Taxation for up to three income years from the beginning of the income year in which the application was lodged.
It provides companies like Andromeda with certainty that planned activities are eligible under Australia’s research and development (R&D) tax incentive program.
Andromeda’s advance finding will allow it to claim refundable tax offsets or cash rebates for 43.5 per cent of eligible expenditure for certain activities associated with Great White’s development over the three-year period.
Andromeda’s advance finding is binding for three income tax years starting from the 2023–24 financial year. It’s related to the scaling up of product and process development under Stage 1A+ of Great White.
First production for Stage 1A is expected to occur 10 months from the final investment decision, with Stage 1A+ production commencing 17 months from FID.
Activities covered by the advance finding includes the Streaky Bay pilot plant expenditure, Stage 1A+ design works and processing operating costs and other associated expenditure.
Andromeda acting chief executive officer Sarah Clarke thanked the Federal Government for the advance finding.
“Having the government refund almost half of the eligible expenditure is a great outcome for Andromeda’s shareholders, further supporting the development of the Great White project,” Clarke said.
“Our thanks also go to Andromeda’s technical and finance teams who have done a fantastic job, working studiously over many months on procuring this R&D advance finding.”
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